Bitcoin managed to bounce back from Thursday’s losses during the European morning session, reclaiming a position above $90,000. Despite this recovery, BTC is still over 1% lower in the last 24 hours, indicating potential profit-taking after reaching over $93,000 earlier in the week. The decline was triggered by Federal Reserve Chair Jerome Powell’s hawkish comments, which tempered expectations of immediate interest rate cuts.
In prepared remarks at a conference in Dallas, Powell stated, “The economy is not signaling a need for urgent rate reductions.” This stance led to a shift in market sentiment, with the likelihood of a 25 basis-point cut at the December Federal Open Market Committee (FOMC) meeting dropping from 83% on Thursday to 66% on Friday.
The CoinDesk 20 Index (CD20), which tracks the broader crypto market, has seen a modest 0.66% increase amidst the fluctuating conditions.
